Profit of public sector banks increased by 65 percent in the third quarter, Bank of Maharashtra leads

New Delhi. Public Sector Banks (PSBs) have collectively posted a net profit of Rs 29,175 crore in the December quarter of the current financial year, which is 65 per cent higher than a year ago. Bank of Maharashtra (BoM) has been the best performer among these banks. According to the October-December 2022 quarterly results of public sector banks, BoM’s profit jumped by 139 per cent to Rs 775 crore. Thus BoM has registered the highest profit growth among Public Sector Banks. Kolkata-based UCO Bank is on the second spot, posting a profit of Rs 653 crore in the third quarter.

This is 110 per cent more than its profit in the third quarter of the last financial year. Union Bank of India and Indian Bank have also been able to post more than 100 per cent profit growth in the quarter. Mumbai-based Union Bank of India posted a net profit of Rs 2,245 crore, up 107 per cent over the year-ago period. Chennai-based Indian Bank also reported a 102 per cent jump in profit to Rs 1,396 crore. In the third quarter of the current financial year, all 12 public sector banks together earned a total profit of Rs 29,175 crore. In the same period a year ago, this figure was Rs 17,729 crore.

In this way, a 65 percent increase has been registered in the combined profit of these banks. In the first nine months (April-December) of the financial year 2022-23, public sector banks have earned a net profit of Rs 70,166 crore, which is 43 percent higher than Rs 48,983 crore a year ago. Public sector banks had posted a profit of around Rs 15,306 crore in the first quarter of the current financial year, which increased to Rs 25,685 crore in the September quarter and Rs 29,175 crore in the December quarter.

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